Q3 2024 Adobe Inc Earnings Call Transcript
Key Points
- Adobe Inc (ADBE) achieved record revenue of $5.41 billion in Q3 FY24, representing 11% year-over-year growth.
- GAAP earnings per share for the quarter was $3.76, and non-GAAP earnings per share was $4.65, representing 23% and 14% year-over-year growth, respectively.
- Strong performance across Creative Cloud, Document Cloud, and Experience Cloud, with significant advancements in AI integration.
- Adobe Inc (ADBE) surpassed 12 billion Firefly-powered generations across its tools, indicating strong adoption of AI solutions.
- Document Cloud revenue grew 18% year-over-year, with significant contributions from AI Assistant and Acrobat subscriptions.
- Q4 guidance for net new digital media ARR is the lowest sequentially for Q4, causing some investor concern.
- Despite strong Q3 performance, there are questions about the sustainability of growth into FY25.
- The US market showed some deceleration, which could be a potential area of concern.
- There are competitive pressures in the AI space, which may impact Adobe Inc (ADBE)'s ability to monetize AI features effectively.
- The shift of Cyber Monday into Q1 may impact Q4 performance metrics, adding some uncertainty to the quarter's results.
Good day and welcome to the Q3 FY24 Adobe earnings conference call. Today's conference is being recorded.
At this time, I'd like to turn the conference over to Jonathan Vaas, VP of Investor Relations. Please go ahead.
Good afternoon, and thank you for joining us. With me on the call today are Shantanu Narayen, Adobe's Chair and CEO; David Wadhwani, President of Digital Media; Anil Chakravarthy, President of Digital Experience; and Dan Durn, Executive Vice President and CFO.
On this call, which is being recorded, we will discuss Adobe's third quarter fiscal year 2024 financial results. You can find our press release as well as PDFs of our prepared remarks and financial results on Adobe's Investor Relations website.
The information discussed on this call, including our financial targets and product plans, is as of today, September 12, and contains forward looking statements that involve risk, uncertainties, and assumptions. Actual results may differ materially from those
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